Ch 17 - Global Perspective Flashcards
globalization
increased flow of goods, people, tech, capital, info, ideas around the world; has political, economic, social, cultural, environmental impact
trade sanctions
penalties or restrictions imposed by one country over another country for importing and exporting of goods, services, investments
tariff (or duty)
tax levied on good imported into country
dumping
practice of selling good in foreign market at price lower than its domestic price or below its cost
quota
designates maximum quantity of product that may be brought into a country during specified time period
boycott
group’s refusal to deal commercially with some organization to protest against its policies
exchange control
refers to regulation of country’s currency exchange rate
exchange rate
measure of how much one currency is worth in relation to another
trade agreement
intergovernmental agreement designed to manage and promote trade activities for specific regions
trading bloc
consists of those countries that have signed a particular trade agreement
trade deficit
results when country imports more goods than it exports
trade surplus
results when country exports more goods than it imports
gross domestic product (GDP)
market value of goods and services produced by country in a year; most widely used standardized measure of output
purchasing power parity (PPP)
theory that states that if exchange rates of two countries are in equilibrium, a product purchased in one will cost the same in the other, expressed in the same currency
human development index (HDR)
composite measur eof three indicators of quality of life in different countries: life expectancy at birth, educational attainment, and whether the average incomes are sufficient to meet basic needs of life in that country
